by Calculated Risk on 4/25/2007 09:59:00 AM

According to the Census Bureau report, New Home Sales in March were at a seasonally adjusted annual rate of 858 thousand. Sales for February were revised down to 836 thousand, from 848 thousand. Numbers for December and January were also revised down.


Click on Graph for larger image.
Sales of new one-family houses in March 2007 were at a seasonally adjusted annual rate of 858,000... This is 2.6 percent above the revised February rate of 836,000, but is 23.5 percent below the March 2006 estimate of 1,121,000.


The Not Seasonally Adjusted monthly rate was 84,000 New Homes sold. There were 108,000 New Homes sold in March 2006.

On a year over year NSA basis, March 2007 sales were 22.2% lower than March 2006. March '07 sales were the lowest since March 1999 (84,000).


The median and average sales prices were up. Caution should be used when analyzing monthly price changes since prices are heavily revised.

The median sales price of new houses sold in March 2007 was $254,000; the average sales price was $330,900.


The seasonally adjusted estimate of new houses for sale at the end of March was 545,000.

The 545,000 units of inventory is slightly below the levels of the last six months. Inventory numbers from the Census Bureau do not include cancellations - and cancellations are at record levels. Actual New Home inventories are much higher - some estimate about 20% higher.


This represents a supply of 7.8 months at the current sales rate.


More later today on New Home Sales.